RAMSEY CROOKALL & CO EVENING MARKET REPORT 14 JUNE 2010

A firm start on Wall Street helped keep the London market in positive territory despite further losses.

Mining companies enjoyed a lift from stronger metals prices. Fresnillo led the way on rumours that the company is under the bid microscope.

The oil disaster in the Gulf of Mexico has now cost BP ?1.1 billion and the pressure on the oil giant is likely to intensify over the next few days as Barack Obama prepares to address the American people to prepare them for the worst. The shares fell 36p to 355p.

Over 51,000 claims have been submitted since the oil well blew up in the Gulf of Mexico in April, and more than 26,500 payments have been made, totalling over $62 million.

There is also speculation that the company could be stripped of control of its US oil and natural gas wells and shut out of federal government contracts.

Life insurer Resolution has suspended its shares this morning after confirming it is in discussions to buy Axa’s UK protection and annuities arms and also its group pensions business. A ?2 billion rights issue will help pay.

Most of National Grid’s shareholders, 94.2%, have taken up their rights as part of the gas and electricity suppliers ?3.2 billion cash call announced last month.



THE FTSE 100 CLOSED UP 38 @ 5202

THE DOW JONES AT 4.30 WAS UP 99 @ 10,310

THE NASDAQ COMP AT 4.30 WAS UP 32 @ 2275

Exchange Rates

GBP – USD 1. 4776

GBP – EUR 1. 2033